Down Day on the Grain Markets

Down Day on the Grain Markets. I’m Greg Martin. This is Market Line.

Market Line December 4, 2009

Both wheat and corn suffered a bit in yesterdays markets although gains in soybeans seemed to keep the wheat and corn losses at a minimum. Louise Gartner with the Linn Group.

GARTNER: The wheat markets opened right at mixed and then they quickly broke 5 or 6 cents and just as fast rallied to a positive couple of cents and then they chopped around the rest of the day but then we broke and retested those lows and tried to make another run as we came into the close but it backed off again. Similar thing with corn and beans. Corn under pressure most of the day.

Corn has the most upside potential of the agricultural commodities in 2010, investment bank Goldman Sachs said Thursday. U.S. use of corn for ethanol is a major factor in the market’s bullish outlook, the bank said in a commodities note.

On Thursday Chicago March wheat down 2 at 574

March corn closed down 2 ½ at 12.51

Portland soft white wheat 5.05 to 5.10

Club wheat mostly 8.10 ranging 7.10 to 8.40

HRW 11.5 % protein mostly 5.91

DNS 14% protein mostly  N/A

February live cattle closed down 1.375 at 82.90

January feeders closed down .850 at 93.10

January Class III milk closed 14.72 down .09

I’m Greg Martin and that’s Market Line on the Northwest Ag Information Network.